It looks like Dean has raised about $15 million this quarter, roughly triple what the Democratic runners-up will have raised. But while everyone raves about the raw total -- and it is very impressive -- equally important is the low "cost of sales". Raising money by direct mail is expensive (printing, postage, return postage), and Dean's supremacy in online fundraising means he keeps more of each dollar he raises. That advantage translates directly into more staffers, more TV ads, etc. People should be looking at the "profit margins" in addition to the "revenues".

What's more, raising money by direct mail is slow. Printers need time to print, even first class mail adds a few days to the cycle.... Having an "on-demand" online base means Dean can raise money in a more ad-hoc fashion to take advantage of unexpected opportunities. It's a much more nimble infrastructure.